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China’s hot-rolled coil production stayed firm over the week to April 12, yet stocks of HRC held by mills and traders continued to thin thanks to the recovery of demand, Mysteel data shows. As a result, HRC prices strengthened in parallel.
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China’s domestic rebar production among 137 long steelmakers nationwide grew further over April 4-10, being inches away from the all-time high of 3.505 million tonnes over October 25-31 2018 since Mysteel’s commencement of the weekly survey in February 2015.
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Stocks of the five major finished steel items at both mills and traders declined over the week of April 4-10 despite the high levels of production, mainly thanks to strong downstream demand encouraged by market optimism and pleasant weather, Mysteel Global notes.
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Chinese domestic hot-rolled coil prices have increased of late, thanks to an improvement in sales and the decline in stocks, with Mysteel’s national average price for Q235 3mm HRC gaining Yuan 44/tonne ($6.6/t) from March 29 to reach Yuan 4,033/t including the 13% VAT as of April 4 – the highest price since last November 13.
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China’s domestic rebar production climbed higher, with total rebar output among the 137 long steelmakers which Mysteel charts up another 1.7% or 57,200 tonnes week on week to 3.45 million tonnes over March 28-April 3, according to Mysteel’s latest production study released last Friday.
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Chinese steel stocks at traders and mills fell at a faster pace over March 28-April 3 thanks to surging demand nationwide and despite rising output over the survey period, Mysteel latest survey showed on Friday.
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Price of the most traded rebar contract on the Shanghai Futures Exchange for October delivery witnessed remarkable increases this week, with the price gaining some Yuan 162/tonne ($24/t) from the settlement price last Friday to end the daytime session on April 4 at Yuan 3,594/t. Trading will cease on the SHFE Friday for China’s Tomb Sweeping Day national holiday, Mysteel notes.
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China’s national average benchmark price for Q235B 3mm HRC losing a small Yuan 12/tonne ($1.8/t) on week to Yuan 3,989/t including the 16% VAT as of March 29, though the room for declines is rather limited with the firming in the demand, remaining low HRC stocks and high production cost, Mysteel Global understands from the market.
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China’s rebar production grew for a third straight week over the March 21-27 period, according to Mysteel’s survey of 137 domestic long steelmakers it regularly monitors, with their total output up by another 2.5% or 84,100 tonnes week on week at 3.39 million tonnes, according to Mysteel’s weekly production study.
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Stocks of five major finished steel items at both Chinese traders and steel mills declined further during the week of March 21-27 but at a slower pace, mainly due to mixed sentiment in the domestic steel market with the 3% VAT adjustment from April 1 looming, Mysteel learned.
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Mysteel’s latest weekly survey of finished steel production among the 137 long steelmakers tracked regularly showed a further 1.7% or 55,700 tonnes increase in rebar output week-on-week over March 14-20, with the total reaching 3.31 million tonnes.
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Chinese domestic
prices of hot-rolled coil increased for a fifth week over March 16-22, even
though buying interest has waned with the approach of Beijing’s cut in the
value-added tax for domestic manufacturers to 13% from the present 16% starting
April 1, Mysteel noted.
China’s national
average benchmark price for Q235B 3mm HRC advanced by
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Domestic retail stocks of the five major carbon steel items held by traders across China declined at faster pace over the week to March 20, dropping by 5.6% week-on-week, a much steeper fall than the 3.8% dip during March 7-13, according to Mysteel’s latest weekly inventory survey published on Thursday. The five comprise rebar, wire rod, hot-rolled coil, cold-rolled coil and medium plate.
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The miniscule 0.6% on-week rise in rebar output across China during the week of March 7-13 will likely prove an aberration, according to market watchers quizzed by Mysteel who identified several factors likely to propel output upward in coming weeks.
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China’s flat steelmakers cranked up production during the March 11-15 week as market sentiment was improved by the obvious confidence of some mills that demand is increasing – a sureness they demonstrated by lifting their hot-rolled coil sales prices for April delivery, market watchers said on Monday.
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Stocks of five major finished steel at both the Chinese traders and steel mills declined further during the week of March 7-13, and buying enthusiasm from both the traders and downstream consumers showed signs of improvement, market sources noted.
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Rebar futures prices on the Shanghai Futures Exchange declined slightly over the March 7-13 week, with the exchange’s most traded rebar contract, that for May delivery, dipping Yuan 11/tonne ($1.6/t) from the settlement price on the previous Friday to end the daytime session on March 15 at Yuan 3,763/t.
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Domestic rebar production declined slightly over the February 28-March 6 period, with the national total nudging down 16,000 tonnes or 0.5% on-week to 3.23 million tonnes, according to Mysteel’s latest weekly production study of 137 long steelmakers across the country.
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Prices of hot-rolled coil across China continued to firm last week as the release of downstream demand propped up market sentiment, market watchers said. As a consequence, China’s national average benchmark price for Q235B 3mm HRC increased for a third consecutive week, gaining another Yuan 12/tonne ($1.8/t) on week to Yuan 3,942/t including the 16% VAT.
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Stocks of the five major finished-steel items held by Chinese steel traders in 35 major cities nationwide fell during the week of February 28-March 6 after inventories had risen continuously over the previous ten weeks, according to Mysteel’s latest survey published March 7 and 8. The traders’ inventories decreased by 168,400 tonnes or 0.9% week on week to reach 18.5 million tonnes as of March 6, which also represented a dip of 1.2 million tonnes or 5% year on year.
